Jindal Drilling, BPCL, IGL: Energy stocks zoom in trade; BSE Energy index hits all-time high

On the other hand, state-owned HPCL reported on Monday a massive 90% drop in net profit for the June quarter, as refinery margins fell and a fuel price reduction slashed marketing margins. HPCL reported a consolidated net profit of ₹ 633.94 crore in April-June—the first quarter of the current 2024–25 fiscal year—compared to a profit of ₹6,765.50 crore a year ago, according to a stock exchange filing by the company.

Net profit also declined sequentially when compared to earnings of ₹ 2,709.31 crore in the January–March period. Pre-tax earnings from downstream fuel retailing businesses slumped 90% to ₹907.86 crore.

However, its shares were trading higher. Around 1:50 pm, HPCL stock was trading nearly 5% higher at ₹399.60 on the NSE.